TUCSON, ARIZONA — California investor, Legacy Property Management, LLC traded into a property at 155 North Rosemont Blvd. in Tucson for $10.25 million ($207 PSF).

The approximate 50,000-square-feet Class A, two-story building was built in 1998 to AOL’s, state-of-the-art specifications as a call center and renovated in 2015. Located north of the northwest corner of Broadway & Rosemont Blvds, the building was 100% occupied at time of sale by two tenants: OpenText, a global leader in Enterprise Information Management (EIM) and Concentra Emergency and Urgent Care Center

The site features abundant parking with 7.5 parking spaces per 1,000 SF on 5.28 acres.

Andrew Fosberg and Dylan Brown of CBRE in Phoenix represented the seller, WCCP Rosemont and PVP Investments of Torrance, Calif. in the transaction and Richard Schwartz of Colliers International in Ontario, Calif. represented the investor.

The transaction was an upleg in a 1031 exchange for Legacy Property Management that sold the multi-tenant building in Village Offices at 3194 & 3196 N Swan Road in Tucson for $8 million ($194 PSF) to Arete Associates about a week earlier.

Arete was a tenant prior to buying the 41,263-square-foot building, build in 2006, and will continue to occupy it.

Schwartz told us that Legacy Property Management is a family owned investment group, with properties in Arizona, California, Colorado and Texas. “They like the Phoenix and Tucson market because of the dynamic growth and continue to be attracted to investment properties such as these,” said Schwartz.

Legacy purchased the Swan building sold to Arete in 2013 and had no representation in the transaction.

For more information, Fosberg can be reached at 602.735.1723 and Brown should be contacted at 602.735.1714. To reach Schwartz call 909.937.6307.

To learn more, see RED Comp #5178 and #5202.

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Legacy Property Management, LLC of Orange County, CA purchased the office building occupied by Areté Associates in The Village Offices at 3194 N Swan Road in northeast Tucson for[mepr-show rules=”58038″] $9.5 million ($265 PSF). The 35,800 sq. ft. class-A office building was custom build in 2006 for Areté Associates by Venture West, the developer of Swan Corporate Center and Village Offices at the corner of Swan and Camp Lowell.

Areté, an employee-owned company with customers in all branches of National Security, was founded in 1976 as an early stage research company working on Navy contracts. In the succeeding decades, Areté has come to offer complete operational-capability development across the technology spectrum from applied research to Limited Rate Production and Systems Engineering. Areté has teamed with many Aerospace and Defense prime contractors to deliver sophisticated hardware and software, enhancing their products delivered to the Government.

The company’s focus is on enhancing the performance of existing systems by developing software improvements in the processing algorithms. This software based approach makes Areté performance improvements broadly applicable to most sensor hardware.

Occasionally, software alone cannot provide sufficient capability enhancement so Areté has also developed new sensor hardware in those instances. Whether software- or hardware, Areté has a unique capability to offer industry partners an integrated technology development function that seamlessly integrates development from new technology research through Limited Rate Production.

Other offices for Areté are in Santa Rosa, CA, Los Angeles, CA, Longmont, CO, Chantilly, VA, Arlington, VA and Niceville, FL.

Rob Glaser, SIOR, CCIM, Principal and Industrial Specialist and Rick Kleiner, MBA, Principal and Office Specialist with Cushman & Wakefield / Picor represented the seller, NFB Investors, a private investment group affiliated with Venture West. Jonathan Garvy and Hank Wildermuth of Available Properties in Anaheim, CA represented the investor. This was the first investment in Tucson for the buyer.

Glaser and Kleiner can be reached at (520) 748-7100. Garvey and Wildermuth can be contacted at (714) 998-8205. [/mepr-show]

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[ismember]Sale date: 7/26/2013. This was the buyer’s upleg in a 1031 exchange. Property was sold at an approximate 8% cap rate based on income at time of sale.[/ismember]